Incorrect Argument Set Error

Can anyone help with the below?

If I input the formulas into Separate rows they all work fine. When combined into 1 row I get an Incorrect argument set error

=IF([% Complete]@row = 1, "Green", IF(AND([Actual Start]@row = "", [Start Date]@row < TODAY(-5)), "Red", "Gray", IF([Actual Start]@row > [Start Date]@row, "Red", "Yellow")))

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